California Weekly Data: July 3, 2021

Market Report provided by California Association of Realtors

The California housing market had an outstanding performance in the first half of 2021, with both sales and its median price growing by double-digits year-over-year. Looking forward to the second half of the year, housing demand should remain solid but will likely slow as foreshadowed by the decline in mortgage applications. Recent increase in supply in both new and existing homes, however, is encouraging and should help to alleviate some of the inventory and affordability challenges that homebuyers encountered. As labor market conditions strengthen further and the consumer confidence continues to rise, the outlook for the market will remain positive.